And a Hush Fell Over the Market

Headlines were quite dull over the three-day holiday weekend and with that early morning WTI, RBOB, and heating oil futures were stable and relatively unchanged. Since then, WTI is down $0.36 to $39.09, RBOB is down 24 points and heat is down $0.0197. These minimal drops are cutting into last Thursdays gains, which were sparked by the Baker Hughes weekly U.S. active drilling rig count report. Two weeks ago Baker Hughes reported an increase of one rig, which snapped a 13-week negative trend, however, last week the downhill trend continued on as U.S. oil rigs fell by 15.

In the New York Harbor cash market we saw an increase in the spot price of winter-grade (higher RVP) 13.5# gasoline late last week. Refiners are producing less high-RVP gasoline as they head into the summer months yet buyers continue to want the cheaper winter-grade, therefore prices are inevitably running up. Once again, in the areas that are affected, such as the 7 counties that surround Pittsburgh, terminals need to have low-RVP gasoline in their tanks by April 1st and must be completely converted by May 1st; and gasoline deliveries into retail locations need be lower-RVP gas beginning May 1st and those stations must have their tanks converted by June 1st.

Looking ahead to economic news this week which may or may not have an impact on the crude futures market:

U.S. personal spending report - Monday

Federal Reserve Chair Yellen speaks at an event in New York – Tuesday

U.S. EIA oil inventory report – Wednesday

Nuclear Security Summit with more than 50 would leaders meet in D.C. – Thursday

With a background in wholesale and commercial sales as well as pipeline scheduling, Daniel is currently the Manager, Business Development in the Card Access Fuels department. He is tasked to find new and innovative solutions to increase sales opportunities for the sales team while managing and evaluating internal department processes. He assists with day to day personnel management, customer data analysis, as well as the daily Pacific Pride inventory and pricing direction.

Guttman Energy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED "AS IS," WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.

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